Wedding insurance isn’t on most people’s radar, even for an insurance agent like myself. However, a recently engaged friend called me up to ask for advice. She wanted to know whether or not to purchase a wedding protection policy. Given the disruption of the past two years, and that we’re heading into wedding season, I’d thought I’d share the advice I gave her.
I told her that considering that you can purchase a wedding policy starting at around $160, with no deductible, the answer is, “Yes! Wedding insurance is absolutely worth it.” I found out that the average amount U.S. couples spent on their ceremony/reception in 2021 was $28,000, according to theknot.com. This is similar to the cost or value of a car, which you wouldn’t buy without insuring. You could lose your deposit if a bridal/formal wear shop suddenly closes. Inclement weather could postpone the wedding date. The guests of honor or immediate family could fall ill. The list goes on.
Most wedding insurance policies cover the following scenarios:
- Special attire: covers repair or replacement cost if the honoree’s wedding gown or tuxedo is lost or damaged.
- Lost deposits: reimbursement of deposit if a vendor goes out of business, declares bankruptcy before the wedding, or simply fails to show up.
- Lost rings: covers repair or replacement cost if wedding bands are lost or damaged.
- Severe weather: reimbursement for non-recoverable expenses if severe weather (such as a hurricane) forces postponement.
- Transportation shutdown: if a necessary and unavoidable cancellation or postponement of the event occurs, reimbursement is available for transportation, food, catering services, property and equipment rentals, hall and location rentals, and more.
- Ruined photos: if the photographer’s film or data storage is defective, or negatives are lost or damaged, this covers the cost to retake new photos.
- Call to duty: if the honoree is unexpectedly called up to active duty, or has her or his military service leave revoked, certain non-recoverable expenses will be reimbursed.
- Damaged gifts: covers repair or replacement cost if wedding gifts are damaged.
- Sudden illness: if sudden illness prevents the honorees or their immediate family from attending on the planned date, causing postponement, certain non-recoverable expenses will be reimbursed.
- Venue required: some venues may require additional liability coverage, in case a guest is injured or causes damage to property.
- Liquor liability: this is an individual liability option that can be added. This coverage can be added when purchasing liability coverage to protect yourself against liability arising from alcohol-related occurrences (subject to policy conditions and exclusions).
- Additional expense: if a vendor suddenly becomes unavailable for the event and you can find a last-minute replacement, this reimburses the difference in cost (limits apply)
If any of the above situations did occur, it would end up costing you a lot more than the policy premium. You can get a wedding policy just a few days ahead of time (actual wedding date), but you would only qualify for a limited amount of insurance. So, it would be best to get one as soon as the couple starts booking and putting deposits down.
We’d love to hear from you – please reach out! We are here to help.
